IAC invests in MGM: New York-based IAC has accumulated a 12% interest in MGM Resorts International for an aggregate of approximately US$1 billion. IAC Chairman and Senior Executive Barry Diller noted that the timing for the deal was right in light of the separation of Match Group from IAC, and a “new” IAC emerging with US$3.9 billion of cash and no debt.
Saudi Arabia’s Alula signs agreement with Accor: The Royal Commission for Alula is partnering with Accor to expand and operate a resort in the northwest of the Kingdom. The commission’s hotel and tourism sector will extend the Ashar Resort, which will be managed by Accor under the Banyan Tree brand. A total of 47 new villas will be added to the 35 existing villas in the resort, bringing the total number to 82 high-end villas. The agreement is part of the commission’s strategy to develop Alula as an attractive tourist destination and diversify the Kingdom’s economy as part of its Vision 2030 plan.
Choice onboards AMResorts: Choice Hotels has onboarded over 50 AMResorts-branded properties to its network as part of a strategic agreement announced last year with Apple Leisure Group, which has luxury all-inclusive resorts throughout Mexico, the Caribbean and Central America. Choice Privileges loyalty program members can now gain and redeem points when booking directly via Choice’s website at AMResorts resorts.
Wyndham launches senior notes offering: Wyndham Hotels & Resorts intends to offer US$350 million aggregate principal amount of senior notes due in 2028. The company intends to use the net proceeds of the offering, together with cash on hand, to repay US$350 million of the borrowings outstanding under its revolving credit facility and to pay related fees and expenses. The notes will be guaranteed by some of Wyndham’s domestic restricted subsidiaries that guarantee its outstanding credit facilities and its existing notes.
Peachtree promotes Short: Atlanta, Georgia-based Peachtree Hotel Group promoted Patrick Short to president of its hotel operations and management division, Peachtree Hospitality Management. In this role, Short will provide cross-discipline leadership and strategic direction to PHM’s portfolio of 50 hotels. Short took the helm of Peachtree Hospitality Management as interim president on March 1 after having served as corporate vice president of operations since 2018. Prior to joining the company, Short held vice president positions with TPG Hotels and Resorts and Wischermann Partners, where he oversaw both full-service and select-service hotels.